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Posted: Tue Sep 08, 2009 11:48 pm
by Pennyless
I thought I would start this thread in order to both track my IVA process and give others an idea of time scales and the rollercoaster ride of up's and down's that I feel I have embarked on to hopefully one day becoming debt free.

At the moment all my payments to creditors (7 credit cards/3 loans) are up to-date, however, this has only been possible by a rather large overdraft and a robbing Peter to give to Paul attitude......which stops as of NOW! Main reason I carried on paying my creditors was for fear of their reprisals, intimidation and harrassment that some speak of.....but eventually something has to give and unfortunately it's my lack of further available credit, so here we are.

Well thankfully on Mon 7 Sep 09 I was informed that Melanie Giles was willing to represent me in obtaining an IVA (current debts loan/credit cards in my name circa £117k), however, my Wife (not eligible for IVA), who has currently £15k of debt (Barclays) and pays £292.00 will have to make her own arrangements with Barclays and this will have to be paid out of her disposable income (DI).

After telephoning Melanies Team early last week I have obtained a Co-op current bank account (opted for the account just above "Cashminder" due to a cheque-book facility and although it does have the possibility of an "overdraft" facility I am quite confident that I will never apply for it....edit: or be allowed it.

Have spent today sending off my Authority To Act to Melanie, arranging a valuation of my property and 6/7 hours obtaining the requisite documentation regarding wage slips/statements et al. I also applied today to the Northern Rock for my Repayment Mortgage (currently 15yr fixed) to be changed to an Interest Only Mortgage and also applied to my loan companies for up to-date just need to find a photo-copier to copy the myriad of documentation, hopefully at less than the 20p a page the local library charges.

Hoping that my application for transfer to "Interest Only" will be successful and Northern Rock will allow me the full 12 months on this...and also possibly another 4 years on top, but small steps first eh.

Anyway onward and upward.

PS: If anyone thinks this is not the correct forum for such a thread then please let me know....just want to keep a diary and hopefully help others along the way.

Posted: Wed Sep 09, 2009 12:16 am
by MelanieGiles
Great news - and time well spent today will help us tremendously in the long run.

Posted: Wed Sep 09, 2009 12:43 am
pennyless your post will help others and credit to you for sharing your circumstances with the forum,especially at the start of your journey hopefully to be debt free in the are in very good hands with melanies team so good luck to the future and hopefully a happy xmas i,m sure.regards ronald.

Posted: Wed Sep 09, 2009 6:02 am
by Shining
Hi Pennyless and welcome to the forum, you're in safe hands with Melanie and her team and I wish you well on your IVA journey, please keep posting as it does help other posters. You might want to start a blog as I know this has helped me to list everything and hopefully give support to others.

Posted: Wed Sep 09, 2009 8:38 am
by Pennyless
Melanie thanks for your reply.....look forward to speaking to you in the near future and I will do everything to ensure you have everything you need to support my IVA application.

Ronald/Lesley thanks for your support. Lesley not sure how to start a blog but will look into it.

Up till last week I have totally kept my problems a secret and you can't imagine how much better I feel now I have found the support of Melanie and individuals from this forum. It's also heartening to see that I am not alone and others are also sharing the "National debt". A few months ago I would of never seen myself or should I say admit to myself that I am in so much debt but theres only so much a person can take and my entire family have in someway suffered through this so I intend to do my damned hardest to turn my life around and hopefully give my family a future to look forward to.

Fingers crossed.

Posted: Thu Sep 10, 2009 12:07 am
by Pennyless
Received "Welcome Pack" from Melanies Team today (wed), included in which was a "Business Recovery Professionals" document, duly signed it (along with another Authority To Act form...more the better eh) and returned it but forgot to enclose a copy of my photograph so that will go out today (thu).

Spent more time today collating the required documentation for the IVA and hoping that by the middle of next week I shall have everything (including my "10 Easy Steps of How to get Into Debt essay"), bundled up and off to Melanie!

Posted: Thu Sep 10, 2009 12:12 am
by MelanieGiles
I will look out for it in the post!

Posted: Thu Sep 10, 2009 12:17 am
by Pennyless
Thanx Melanie.....look forward to chatting with you sometime.....only delay at the moment is in receiving a "yes/no" from NR on my change of mortgage and a letter of valuation for my house (to be done in the next couple of days) so hopefully will get replies from both by wed next week.

By the way spoke to my energy supplier today to have my price plan reviewed with a view to getting them to reduce my monthly payment but got told that it wouldn't be possible to do a review until Oct (next bill). A relative has said they will assist in the extra payment if neccessary so hopefully wont effect my figures dramatically.

Posted: Thu Sep 10, 2009 1:11 am
by MelanieGiles
No problem - but better to discuss case specifics off line.

Posted: Thu Sep 10, 2009 1:38 am
by chris2202
Fingers crossed for you Pennyless. You sound pretty switch on to me, but then you must be to have homed in on Melanie's expertese.

Posted: Fri Sep 11, 2009 9:01 am
by Pennyless
FAO Melanie:

Melanie should i do a block dispatch to all my creditors NOW (currently all up to-date) informing them that I am seeking an IVA and directing them to your good self as acting on my behalf, or should I wait till my next bills come in and send them on reciept of each bill?

Also should these letters be recorded delivery to each Company?

The reason I ask is that I still have about 3 weeks before my Barclaycard bill arrives (wont be due payment until 16 Oct) and Barclayloan taken from my account and if I inform them now of my intention regarding the IVA they may freeze my account (also with Barclays) on receipt.



Posted: Fri Sep 11, 2009 9:52 am
by MelanieGiles
That would be a good idea, and presumably we have sent you a sample standard letter to use. I don't think you need to go to the expense of recorded delivery.

Hope you have got new banking facilities in hand as well - and until you do so it may be wise to delay the dispatch of that letter to Barclays.

Posted: Fri Sep 11, 2009 10:43 am
by Pennyless
Thanks for reply Melanie...yes received a copy of the letter from Tina so will copy each of the letters then send them out en mass on monday. Although I do have an account opened with the Co-Op I will ensure I will be getting my wages payed in this month first.

Posted: Fri Sep 11, 2009 10:30 pm
by Pennyless
Quick up-date.

Managed to photocopy all of my documentation last night at no expense....told my boss I needed to copy some private info and he said "fill ya boots"....half a pack of A4 paper later the job was done. Angela at Melanie Giles will have some "light reading" for Monday morning:-)

By the way my current creditors are:

1. Barclayloan
2. Barclaycard
3. Virgin Money
4. AA credit Services
5. Capital One
6. Halifax
7. RBS
8. Egg
9. And last but not least Northern Rock

Over the coming days, weeks and months I will try and keep the board updated on how each of my creditors either assists or not as the case may be, with my case.

Posted: Fri Sep 11, 2009 10:54 pm
by MelanieGiles
It sounds as if we will be getting a very complete pack over, so that hopefully means we can speed up the processing of your case. Will look out for it on Monday.